Teachers' Pension Scheme Update - News on the Contribution Rate
We have now received an indication from HM Treasury that the 'direction of travel' for the employer's contribution rates is likely to be in the region of a 5% increase.
This news follows our last Teachers' Pension Scheme update from our May Schools' Law Brief.
HM treasury have advised that we are likely to receive the final valuation in September 2023 and the increase will be implemented in April 2024. Although many had hoped we would see a deferral to September 2024, the indications are that this will not be the case.
Most of our clients are considering their options and their strategy around pay and pensions.